Bloomberg Businessweek Weekend – January 16th, 2026

Date: January 17, 2026
Hosts: Carol Massar, Tim Stenovec
Notable Guests: Andrew Ross Sorkin (NYT journalist & author), Rick Waldenberg (Learning Resources CEO), Greg Storr (Bloomberg Supreme Court Reporter), Lydia Bayoud (Bloomberg Financial Regulations Reporter), Kate Crater (Bloomberg Pursuits Food Editor), Joe Hessian (Snow Partners CEO), Denitza Sokova (Bloomberg), Walton Goggins

Episode Overview

This episode delivers a high-level look at the real-world impact of economic policies (notably tariffs), how financial crises of the past inform today’s market and regulatory narratives, the explosive growth of prediction markets and their regulatory challenges, trends and innovations in the US ski and restaurant industries, and sustainability in high-end dining. Special guests provide firsthand, practical experience and deep analysis on these complex, timely issues.

Key Segments & Highlights

1. The Real-World Impact of Tariffs (02:41 - 13:21)

Guests: Rick Waldenberg (CEO, Learning Resources), Greg Storr (Supreme Court Reporter)

Key Points:

• Tariffs—A Knockout Punch for SMBs:
  Rick Waldenberg describes the devastating effect of Trump administration tariffs: disrupted supply chains, 30% of his company’s labor diverted to “survival,” over $10 million in unexpected costs for 2025, and unavoidable consumer price hikes.
  • “It’s like wearing ankle weights in a sprint, you slow down and so we’re a little smaller as a result.” (03:29, Rick Waldenberg)
• Legal Challenge & Motivation:
  Waldenberg’s lawsuit seeks to invalidate tariffs imposed outside congressional approval, emphasizing family business, mission, and American principles.
  • “I wasn’t going to let a politician ruin what we built up over 100 years... I was more concerned about not doing something than doing something.” (05:37, Rick Waldenberg)
• Political Pushback & Ethics:
  Waldenberg responds to claims that challenging tariffs is “anti-American” by focusing on legality, the company’s educational mission, and constitutional process.
  • “We’re child-centric and we’re trying to help children get a great start in life. That’s our orientation.” (06:56, Rick Waldenberg)
• Questioning Tariff Effectiveness:
  Waldenberg sees no realistic prospect of moving all manufacturing home, stating his industry is a “rounding error” for policymakers concerned more with automotive or tech giants.
  • “I don’t think they care about our employees and I don’t think they care about your families who use our products. We’re rounding error.” (11:03, Rick Waldenberg)
• Supreme Court Wait:
  Greg Storr explains the significance of pending Supreme Court action and its delays.

Notable Quotes:

• “No American wants to or feels exposed to the risk of paying a tax that’s not legal. There are means for him to put taxes on us. He has to go through the House. That’s what James Madison wants.” (06:56, Rick Waldenberg)
• “If we don’t get the tariff opinion next week, the court goes on a four week recess...we could be in for a fairly long wait.” (12:49, Greg Storr)

2. Lessons from Financial Catastrophes—Interview with Andrew Ross Sorkin (17:03 - 41:51)

Topic: Sorkin discusses his new book “1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation,” drawing lessons for today.

Key Points:

• Are We Protected from Another 1929?
  • Sorkin asserts modern mechanisms—real-time data, insider trading laws, FDIC insurance, and capital requirements—should prevent a repeat, but massive government debt and overreaction to crisis (“the put”) introduce new vulnerabilities.
    • “One of the lessons that came out of 1929...when there’s a crash or a crisis or a panic, the playbook is to throw money at the problem... The one thing that’s different this time is...so far, we’re all talking about corporate debt, really. Back then, there was...a budget surplus in America. Now we have $38 trillion.” (20:25, Sorkin)
  • Risks of Debt & Modern Panics:
    Technology may allow panic to spread faster—e.g., bank runs via Twitter (reference to Silicon Valley Bank).
• Hot Topics in Today’s Market:
  • Exuberance now isn’t about margin, but may appear in crypto, private credit, and prediction markets.
    • “The private credit business has always concerned me because of the transparency or lack thereof...You could argue [private credit] is only $2 trillion...I might worry today more about short term treasuries.” (23:11, Sorkin)
• Greed, Inequality, and Risk Appetite:
  • Social media amplifies FOMO, possibly feeding more risk among those who feel closed out of traditional prosperity.
    • “Is Wall Street greedier today?...I think there are more people who think that they are effectively unable to actually make it and therefore more willing to take risk...” (24:07, Sorkin)
• Regulatory Parallels:
  • Independence of the Fed is (and was) always political and fragile; current controversies could paradoxically strengthen focus on Fed independence.
• Humility as Antidote:
  • “No system is foolproof, no market fully rational, no generation exempt.” (41:12, Sorkin quoting his book)
  • Sorkin stresses humility, not just regulation, as necessary to counter periodic irrational exuberance.

Memorable Quotes:

• “The crash in 1929 wasn’t preordained...it was the first domino of a series...and then a series of, frankly, terrible policy choices.” (17:52, Sorkin)
• “Leverage is the match that lights the fire every single time...It’s always leverage.” (36:27, Sorkin)
• “We have the playbook. The question is...Can you have the humility to step back and realize that maybe that confidence could be misplaced?” (40:19, Sorkin)
• “Anybody who walks in the door and sits down at this table and...thinks they can tell you exactly what’s going to happen probably [loses].” (41:16, Sorkin)

3. Prediction Markets—Boom, Controversies & Regulation (45:11 - 55:38)

Guests: Denitza Sokova, Lydia Bayoud

Key Points:

• What are Prediction Markets?
  Platforms like Kalshi and Polymarket enable users (18+) to bet on outcomes from sports and pop culture to Fed moves and political events; rapid growth and skyrocketing valuations.
• Blurred Lines with Gambling:
  There’s debate among policymakers and the public if these are “truth machines” or just another form of gambling.
• Regulatory Complexity:
  • Traditional finance is entering, but regulatory frameworks (CFTC vs. SEC) are inconsistent and under-resourced.
  • Insider trading rules are murky—dozens of potential conflicts, e.g., if an executive’s statements move a betting market.
  • Self-regulation is the current method; the CFTC’s capacity is limited.
• Societal Impact:
  • Most activity centers on sports, but proponents hope for eventual use in economic hedging and crowd wisdom in serious domains.

Memorable Quotes:

• “For this [betting], 18 is enough. It’s very accessible...the bet is like as cheap as a few cents or a dollar.” (47:20, Denitza Sokova)
• “You have to grapple with...if you are Elon Musk, and you’re...what you might say on your quarterly call, do you swing a market just for funsies?” (50:17, Lydia Bayoud)
• “CFTC is chronically underfunded...there are more applicants, [the agency is] underwater.” (53:19, Lydia Bayoud)

Notable/Entertaining Market Example:
“Will a human land on Mars before California starts a high speed rail? 19% chance, costs 20 cents for yes, 85 cents for no.” (55:38, Carol Massar)

4. Innovation in Ski Industry: Snow Partners’ Year-Round Model (56:11 - 67:59)

Guest: Joe Hessian (Founder/CEO, Snow Partners)

Key Points:

• Business Model:
  Snow Partners operates both outdoor (Mountain Creek) and indoor (Big Snow American Dream) ski resorts, with steady year-round operations.
  • “When winter’s on people’s minds, when snow is in the market...that’s where most of it comes.” (60:08, Joe Hessian)
• Cost Structure:
  Utilities are a key variable expense for indoor; company aims to keep skiing accessible ($100 for lessons, equipment, and snow access).
• Competition and Strategy:
  Remaining independent is possible by focusing on localized, community-based engagement and new pass partnerships.
• Growth and Technology:
  Their core opportunity is in “Snow Cloud,” a management software platform for ski and leisure operators, aiming to be the “Shopify of experiences.” AI-powered ‘agentic’ booking is the next innovation front.
  • “The disruption in the ski space is going to be driven by technology. I think...it’s going to be the way resorts operate...the next big change is about to happen with AI.” (63:37, Joe Hessian)

Climate Change:

• Indoor Resorts as Hedge:
  “It’s definitely easier to operate a business when you don’t have to worry about the weather.” (65:54, Joe Hessian)

5. Trends in US Restaurants: Counter Service & Food Waste (70:50 - 82:51)

Guest: Kate Crater (Food Editor)

Key Points:

• Counter Service Grows:
  Counter-based restaurants will be a notable trend for 2026 to fight rising food/labor/real estate costs and still maintain quality.
  • “You walk up, you order...I predict that in 2026, you’ll walk up to a counter because they’re also going to be really cool.” (71:41, Kate Crater)
• Fine Dining Evolves:
  Elite experiences (e.g., 18-course maize-themed tastings in Denver, omakase in NY/SF/Miami) remain, but are adjusting on price.
• Sustainability & Food Waste:
  • Restaurants like Hag’s in NYC showcase “upcycled” cuisine, using all parts of the ingredients and even composting trimmings into mushrooms for risotto.
  • Tech companies like Winnow help hotels analyze kitchen waste and reduce cost/environmental impact.
    • “They use the compost in their kitchen to grow mushrooms that feature in a beautiful risotto...every single thing that you and I might throw in the garbage, she’s like, nope, I see other opportunities.” (80:31, Kate Crater)
• Changing Customer Attitudes:
  Gen Z and value-focused diners now accept “imperfect” but tasty food if it’s creative and sustainable.

Memorable Quotes:

• “Eating out has gotten so expensive...I think the sticker shock is starting to set in.” (72:11, Kate Crater)
• “Wine bars are here to meet your economic moment.” (78:51, Kate Crater)
• “Food waste makes me nuts. And it gets wasted on every level.” (79:20, Kate Crater)

Additional Notable Quotes & Moments

• On Humility in Markets:
  “The antidote to irrational exuberance is not regulation by itself nor skepticism, but humility. The humility to know that no system is foolproof, no market fully rational, and no generation exempt.” (41:12, Sorkin—read by the author)
• On Recurring Crises:
  “Jamie Dimon... said, ‘Dad, what’s a financial crisis?’ And he said, ‘It’s something that happens every seven or eight years.’ So I think the truth is...check your calendar. We might be due.” (37:59, Sorkin)

Timestamps by Segment

• Tariffs & SMBs: 02:41 – 13:21
• Andrew Ross Sorkin & Lessons from 1929: 17:03 – 41:51
• Prediction Markets: 45:11 – 55:38
• Indoor Skiing & Snow Partners: 56:11 – 67:59
• US Dining Scene, Counter Service, Food Waste: 70:50 – 82:51

Summary Tone & Style

• Conversational and analytical, mixing in urgent real-world stakes (e.g., legal risks for business owners), wide-angle analysis (economic cycles, regulation), and insider color (restaurant trends, ski industry innovation).
• Notable through-lines: resilience and adaptation (in business and markets), policy and legal uncertainties, and the ongoing human element behind markets, business, and daily life.

Episode Takeaways

• Policy volatility (tariffs, Fed independence) continues to seep into the real economy, especially for small and mid-sized businesses.
• Financial crises are less about history repeating exactly, and more about the perennial dangers of leverage, debt, poor policy, and overconfidence.
• Prediction markets blur lines between finance, gambling, and truth-seeking—with regulators struggling to keep up.
• Both ski resorts and restaurants are forced to innovate against economic, demographic, and climate realities—leaning into tech, accessibility, and sustainability.
• Humility, not just smart regulation, is essential for market and societal stability.

For further exploration, see:

• Andrew Ross Sorkin, 1929: Inside the Greatest Crash in Wall Street History and How it Shattered a Nation
• Bloomberg features on prediction markets, restaurant innovation, and ski industry technology

This summary is designed to capture both the spirit and substance of the episode, offering detailed timestamps, direct quotes, and well-structured insights for listeners and non-listeners alike.